Download free A Guide to Student Loan Consolidation.pdf If you are reading this, you probably have student loan repayment fast approaching. Fortunately, you have options for repaying your student loans. One of them is referred to as loan consolidation, which you may discover makes perfect sense for your financial situation. Or, after checking out the pros and cons, and examining your future career and life plans, loan consolidation may not be right for you at this point. The important thing is that you are thinking about your future, comparing the different types of consolidation options available, and determining what makes sense for you. Given the time, work and money you’ve put into your education, this is a smart move.

Of course, you are used to making smart moves. You probably know this already, but going after that undergraduate degree or finishing off that graduate coursework is one of the smartest things you could have done. Sure it’s been a ton of hard work, you’ve made lots of sacrifices and most likely there’s a financial burden now placed on you and your family, but in the long-term, your degree will provide a foundation for you to earn more than someone who hasn’t earned that credential.

Here’s why: A bachelor’s degree hanging on your wall will earn you 62 percent more than someone who has only a high school diploma, according to U.S. Census Bureau statistics. And over your lifetime, the gap between your old friend’s high school diploma and your bachelor’s degree will turn out to be more like a gulf—totaling more than $1 million. For those who are going after master’s degrees or PhDs, the news is just as good: You’ll also stand to make more money than those who didn’t take the next step.

However, you probably don’t need to be reminded about the loans you had to take just to get to this point. And if you’re reading this, chances are you’re trying to figure out how you’re going to get by after you graduate, find a good job, take care of your living expenses, pay down those credit card bills, buy a car and start paying off your student loans. No matter how much loan debt you’ve accumulated, however, take heart because you’re not alone: Theaverage for student-loan debt ranges from $20,000 all the way up to $40,000, depending on the source of the information. Those are daunting numbers. But for many students, loan consolidation can help them manage their debt, rather than letting it manage them.